Super funds facing busy regulatory period

Superannuation fund trustees can expect to be busy over the first half of this year thanks to the Australian Prudential Regulation Authority’s (APRA’s) move to implement the assessment process for what superannuation funds are actually delivering to their members.

The regulator outlined its intentions in its Policy Agenda document released this week, noting that over the first half of this year it will be meeting with stakeholders and considering submissions relating to the consultation package it issued in December.

It said it thereafter expected to release the final requirements by the middle of the year.

“Implementation is expected to commence from January 2019,” the APRA document said.

The regulator said it had also been engaged in the progress of legislation relating to the Government’s accountability and governance measures and this had the capacity to impact prudential arrangements.

It said that should the Government’s legislation proceed, APRA would be considering what changes it then needed to make.